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Course Level :Basic
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Credits :0.2
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Instructional Method :Nano Learning
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Pre-requisites :None
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Advance Preparation :None
Published : March, 2023
On March 21, 2023, the Internal Revenue Service (IRS) announced its intent to issue guidance related to the taxation of certain types of nonfungible tokens (NFTs).
The IRS and Treasury issued Notice 2023-27 asking for feedback on different areas of the upcoming advice, but they also stated on Tuesday that up until the new guidance is provided, the IRS intended to use a "look-through analysis" to determine when an NFT is classified as a collectible.
An NFT is considered a collectible under the look-through analysis if the related right or asset satisfies the Tax Code's definition of a collectible. For instance, an NFT certifying a gem's ownership is a collectible since a gem is regarded as a collectible under Section 408(m) of the Tax Code.
This CPE Nano learning course by Nicholas Preusch will cover notice 2023-27, the definition of NFTS, what are exactly collectibles, and more.
At this time, Nano-learning is not accepted by all state boards. If you are not sure whether your state board accepts Nano-learning, you can ask your state board or visit the NASBA registry.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
4 Ratings
